GOP destroyed US economy

[Dutch]

No comment, none needed. The truth hurts.

Reagan insider: GOP destroyed economy Paul B. Farrell - MarketWatch

"We've arrived at a historic turning point as a nation that no longer needs outside enemies to destroy us, we are committing suicide. Democracy. Capitalism. The American dream. All dying. Why? Because of the economic decisions of the GOP the past 40 years, says this leading Reagan Republican.

Please listen with an open mind, no matter your party affiliation: This makes for a powerful history lesson, because it exposes how both parties are responsible for destroying the U.S. economy. Listen closely: "

"In the past 40 years Republican ideology has gone from solid principles to hype and slogans. Stockman says: "Republicans used to believe that prosperity depended upon the regular balancing of accounts -- in government, in international trade, on the ledgers of central banks and in the financial affairs of private households and businesses too."

No more. Today there's a "new catechism" that's "little more than money printing and deficit finance, vulgar Keynesianism robed in the ideological vestments of the prosperous classes" making a mockery of GOP ideals. Worse, it has resulted in "serial financial bubbles and Wall Street depredations that have crippled our economy." Yes, GOP ideals backfired, crippling our economy.

Stockman's indictment warns that the Republican party's "new policy doctrines have caused four great deformations of the national economy, and modern Republicans have turned a blind eye to each one:"

 

[rdean]

We only need to follow the years the Republicans were in power. Every single time, there follows a sharp decline in the economy.

One wonders where they get this need to turn rich people into "deities" and "corporations" into a type of "secular church" in who they give all "trust".

Republicans trust BP and Hugo Chavez owned Citgo and Arab own Fox news over the US government. A government made up of "citizens" and neighbors we "vote" for. At least they are honest enough they won't deny it.

 

[CrusaderFrank]

Stockman is right! Those Republican Social Programs are draining the budget!

What's the exit strategy for the Republican "War on Poverty"? We're fighting it since Republicans passed it in the 60's!

 

[Godboy]

Congress is in charge of spending our tax dollars in a wise manner, and every time theres been a republican dominated congress, we have huge economic booms. End of story.

 

[Charles_Main]

Actually the Decline began around Jan of 07, At the same time a Democrat Congress came into power.

The Sub Prime Crisis ruined the Economy, and that was Both Parties Fault. Do I need to get the quote of Barny saying how fine and Dandy Fanny and Freddy were? Decades of encouraging Everyone to get a house, even if they could not afford them. No money down deals, Flip this house. All this was a result of our Government Policy toward The lending Industry. Both sides were at fault in that as well.

You guys can keep trying to lay this Economic Crisis at the Feet of Bush. The Fact is the Initial Crisis can be blamed on Every Congress and President for the last few Decades. The Disastrous way in which it was handled. Starting with Tarp That Bush Signed and OBAMA voted for. and leading all the way through this last Spending bill passed today.

You can keep crying it was Bush but Americans can see the Truth my Friend. Bush, and Many Others Fucked shit up, and Obama is Clueless and is Fucking it up even Worse. Period, end of Story. And as I heard a person say the Other day. We can see November from our houses.

 

[uscitizen]

Every one knows that Obama destroyed the economy and is responsible for every bad thing since the day he was born.

 

[CrusaderFrank]

Every one knows that Obama destroyed the economy and is responsible for every bad thing since the day he was born in Mombasa.

Fixed.

 

[uscitizen]

Fox has failed. Most americans hold republicans responsible for the financial failure.

 

[CrusaderFrank]

Fox has failed. Most americans hold republicans responsible for the financial failure.

Most Americans don't know FDR and the Democrats ran the Tuskegee Experiments, think LBJ was a great civil rights leader and think Progressive Social Programs run on hope and change instead of money

 

[loosecannon]

No comment, none needed. The truth hurts.

Reagan insider: GOP destroyed economy Paul B. Farrell - MarketWatch

"We've arrived at a historic turning point as a nation that no longer needs outside enemies to destroy us, we are committing suicide. Democracy. Capitalism. The American dream. All dying. Why? Because of the economic decisions of the GOP the past 40 years, says this leading Reagan Republican.

Please listen with an open mind, no matter your party affiliation: This makes for a powerful history lesson, because it exposes how both parties are responsible for destroying the U.S. economy. Listen closely: "

"In the past 40 years Republican ideology has gone from solid principles to hype and slogans. Stockman says: "Republicans used to believe that prosperity depended upon the regular balancing of accounts -- in government, in international trade, on the ledgers of central banks and in the financial affairs of private households and businesses too."

No more. Today there's a "new catechism" that's "little more than money printing and deficit finance, vulgar Keynesianism robed in the ideological vestments of the prosperous classes" making a mockery of GOP ideals. Worse, it has resulted in "serial financial bubbles and Wall Street depredations that have crippled our economy." Yes, GOP ideals backfired, crippling our economy.

Stockman's indictment warns that the Republican party's "new policy doctrines have caused four great deformations of the national economy, and modern Republicans have turned a blind eye to each one:"

Your partisanship clouds your vision. Your very source is bent on allowing the Bush tax cuts to expire.

ALL of them. The $100 billion/year that effect the wealthiest 2% of Americans. AND the $200 billion that effect the rest of us.

The dems want to sustain the larger share of the Bush tax cuts. In clear violation of your sources resolve:

GUY RAZ, host:

This is ALL THINGS CONSIDERED from NPR News. I'm Guy Raz.

If the collapse of the financial markets in 2008 taught us anything, it's that economics - or rather, economic forecasting - is an art rather than a science. Some economists say the rest of this year will feel very much like a recession. And others aren't so pessimistic. But this week's jobless numbers and weaker-than-expected growth are playing into a debate here in Washington over tax cuts.

But before we get to that, a story - and it begins when David Stockman met President Reagan in 1981.

Mr. DAVID STOCKMAN (Economist): He was one of the, you know, greatest human beings I've ever met.

RAZ: In the early 1980s, Stockman became a kind of Washington wunderkind, the vanguard of a new type of economic thinking: supply side, deregulation, low taxes to stimulate growth.

As the White House budget director, Stockman was an architect of what would come to be known as Reagonomics. But a few years into the job, he became disillusioned.

Mr. STOCKMAN: The military budget got out of control, and the tax cuts went to special interests as much as they did to the broad public.

RAZ: And he noticed a problem. The government wasn't collecting enough money to cover its costs, and he started telling that to Reagan.

Mr. STOCKMAN: As time passed, he was less and less enthusiastic about what I had to say.

RAZ: So in 1985, Stockman left. Now these days, he's still a conservative and still a Republican, but he doesn't think his party is taking a responsible position on taxes any longer. At the end of this year, the Bush-era tax cuts are set to expire. Republicans want them renewed; Democrats want to keep the tax cuts for the middle-class, but not for the wealthiest 2 percent of Americans.

Now, Stockman says they're both wrong. And he says extending either of those cuts is tantamount to the government declaring bankruptcy.

Mr. STOCKMAN: We've had a rolling referendum on what we want in government and what we don't, ever since the first Reagan spending cut program - which I was part of in 1981. And it seems pretty clear to me that by 2010, we've decided a lot of things that cost a lot of money, the American people want. I might not agree with that but apparently, they do.

So we're spending $3.8 trillion in defense, non-defense, entitlements, everything else, and we're taking in only 2.2 trillion. So we got a massive gap. You have to pay your bills; you can't keep borrowing from the rest of the world at that magnitude, year after year after year. So in light of all of those facts, I say we can't afford the Bush tax cuts.

RAZ: Now, I think many people would be surprised to hear Ronald Reagan's former budget director make this argument. I mean, what happened to the idea you once pushed, that tax cuts ultimately stimulate the economy?

Mr. STOCKMAN: I think that's true. But we're in a much different world today than we were in the early 1980s. We have had a spree of debt building for the last 30 years, both in the public and in the private sector. So in that environment, the highest priority is solvency now, not incentives for growth.

RAZ: You seem to suggest that many of our economic troubles are the result of Republican economic policies over the past few decades. You are a Republican. You are a conservative. Why do you think Republicans are largely to blame?

Mr. STOCKMAN: Because the Republicans abandoned their old-time fiscal religion in favor of two theories, which I think are now proving to be both wrong and highly counterproductive and damaging.

One was monetarism, which said let the dollar float on the international markets. Let 12 men and women at the Fed decide whether to raise or lower interest rates, and use the Fed to try to run this massive economy. What they've done instead is run the printing press; they've flooded the world with dollars. The whole monetarist policy has been a mistake.

The second thing was the perversion of supply side. Yes, there was a good idea that in certain circumstances, lower tax rates will encourage economic activity and savings. But when you make it a religion, when you make it a catechism and you say you cut taxes no matter what the circumstance, what the season, what the condition, then I think the whole idea has been perverted.

By getting off track over the last 30 years, the Republican Party has basically given up its historic view that the key thing was financial discipline, financial responsibility, and that we had to live within our means. Today, we have two free lunch parties and as a result, we're borrowing ourselves into grave danger with each passing month and year.

RAZ: Now, Republicans - David Stockman in the Senate, led by, obviously, the Minority leader, Mitch McConnell - they say they're simply following, you know, the Reagan philosophy of supply-side economics, a policy that you pushed. Do you think they're being disingenuous?

Mr. STOCKMAN: Utterly disingenuous. I find it unconscionable that the Republican leadership, faced with a 1.5 trillion deficit, could possibly believe that good public policy is to maintain tax cuts for the top 2 percent of the population who, after all, have benefited enormously from this phony boom we've had over the last 10 years as a result of the casino on Wall Street.

And I blame Paulson on it. I blame the Bush White House. They basically sold out the birthright of the Republican Party when they bailed out Wall Street unnecessarily, in a state of complete panic in September 2008. That's really, at the end of the day, one of the greatest misfortunes in fiscal governance since the Reagan revolution tried to straighten things out beginning in 1980.

RAZ: Do you hold President Obama and his economic policies responsible for some of this growing deficit?

Mr. STOCKMAN: Absolutely. The only thing worse than the Republican leadership position is that of the White House. I don't know how they think they're helping the economy by every month, coming up with a new plan to borrow tens of billions more, drive us deeper into debt. Never in history has anyone said that for very long, you can sustain a circumstance where the debt is growing at twice the rate of the economy.

So I think the White House with the stimulus is totally wrong. A lot of it has been wasted. Why did they put all that money in the automobile industry? There's far too much capacity already. Why did they waste the money on the housing credit? Why are they continuing to try to pump money into state and local governments? I understand there's severe budget pressure there, but the federal government is in deeper debt than the state and local governments.

But in the end of the day, I would say Obama is really wrong when he says, I'll extend the Bush tax cuts except for the top, you know, 2 percent - above 250,000.

RAZ: In other words, you're saying he has to not just end the tax cut for the top 2 percent or 1 percent of Americans, but the middle-class, the so-called middle-class tax cuts as well.

Mr. STOCKMAN: Absolutely. The tax - the Bush tax cuts costs $300 billion a year: 100 billion to the top 2 percent, 200 billion to the middle-class. So I ask the White House, why is a $175,000-a-year family going to be given a tax break that we can't afford - a large tax reduction, tens of thousands of dollars a year? To me, it makes no sense.

RAZ: I wonder, David Stockman, where is your political home these days? I mean, where does somebody like you go?

Mr. STOCKMAN: Well, I don't know. I think I'm in the unwashed middle, let's say, with more and more of the American people. And one of these days, I think the public is going to speak in no uncertain terms - that we've had enough of this crony capitalism, and that we're going to have to now clean things up.

At some point, we're going to either be forced to do it by the global bond and currency markets, or the American people are going to wake up and demand it through an election that really cleans house in terms of both parties and the irresponsible behavior that each of them engages in today.

RAZ: That's David Stockman. He was the director of the White House Budget Office under President Ronald Reagan and is widely credited as the architect of Reagonomics.

David Stockman, thank you so much.

Mr. STOCKMAN: Thank you.

Stockman: Bush Tax Cuts Will Make U.S. Bankrupt : NPR

pleased to rain on your partisan parade.

Here is a tip: whenever you approach anything from a partisan position, you will always be 100% wrong.

Always. 100% of the time.

Dems are evil liars, repubs are evil liars.

Partisans are always evil liars, always, no exceptions.

Never, ever, trust a partisan with 2 vowels and 3 consonants.

Better to be eaten alive by Goldman Sachs execs than to allow uselessly stupified partisan grunthogs to inform your opinion.

 

[rightwinger]

No comment, none needed. The truth hurts.

Reagan insider: GOP destroyed economy Paul B. Farrell - MarketWatch

"We've arrived at a historic turning point as a nation that no longer needs outside enemies to destroy us, we are committing suicide. Democracy. Capitalism. The American dream. All dying. Why? Because of the economic decisions of the GOP the past 40 years, says this leading Reagan Republican.

Please listen with an open mind, no matter your party affiliation: This makes for a powerful history lesson, because it exposes how both parties are responsible for destroying the U.S. economy. Listen closely: "

"In the past 40 years Republican ideology has gone from solid principles to hype and slogans. Stockman says: "Republicans used to believe that prosperity depended upon the regular balancing of accounts -- in government, in international trade, on the ledgers of central banks and in the financial affairs of private households and businesses too."

No more. Today there's a "new catechism" that's "little more than money printing and deficit finance, vulgar Keynesianism robed in the ideological vestments of the prosperous classes" making a mockery of GOP ideals. Worse, it has resulted in "serial financial bubbles and Wall Street depredations that have crippled our economy." Yes, GOP ideals backfired, crippling our economy.

Stockman's indictment warns that the Republican party's "new policy doctrines have caused four great deformations of the national economy, and modern Republicans have turned a blind eye to each one:"

And its not the first time either


Why do we keep electing these bums?

 

[rightwinger]

"Tinkle Down" Theory anyone?


Borrow money to cut taxes on the rich?

Start two wars and cut taxes to pay for them?

 

[Douger]

Wrong.
murkins destroyed the US economy by trying to live like rock stars when they were nothing more than slave wage trailer trash.

 

[midcan5]

We have met the enemy.....

http://www.usmessageboard.com/economy/126288-rich-and-poor-jobs-and-wages.html

http://www.usmessageboard.com/race-relations-racism/128275-race-poverty-where-are-we-now.html

 

[topspin]

profit from change
less housing and auto's
Way more smart phones
cysco, apple, Maw Bell

 

[CrusaderFrank]

"Tinkle Down" Theory anyone?


Borrow money to cut taxes on the rich?

Start two wars and cut taxes to pay for them?

RAZ: Do you hold President Obama and his economic policies responsible for some of this growing deficit?

Mr. STOCKMAN: Absolutely. The only thing worse than the Republican leadership position is that of the White House.

 

[CrusaderFrank]

We have met the enemy.....

http://www.usmessageboard.com/economy/126288-rich-and-poor-jobs-and-wages.html

http://www.usmessageboard.com/race-relations-racism/128275-race-poverty-where-are-we-now.html

...and they are Marxists

 

[rightwinger]

"Tinkle Down" Theory anyone?


Borrow money to cut taxes on the rich?

Start two wars and cut taxes to pay for them?

RAZ: Do you hold President Obama and his economic policies responsible for some of this growing deficit?

Mr. STOCKMAN: Absolutely. The only thing worse than the Republican leadership position is that of the White House.

Amazing that Republicans still try to ram down the same FAILED economic policies down our throats

Cut taxes without cutting spending

Yea...real fiscal responsibility

 

[CrusaderFrank]

"Tinkle Down" Theory anyone?


Borrow money to cut taxes on the rich?

Start two wars and cut taxes to pay for them?

RAZ: Do you hold President Obama and his economic policies responsible for some of this growing deficit?

Mr. STOCKMAN: Absolutely. The only thing worse than the Republican leadership position is that of the White House.

Amazing that Republicans still try to ram down the same FAILED economic policies down our throats

Cut taxes without cutting spending

Yea...real fiscal responsibility

You going to take up the challenge and show me the year that the Massive New Deal Spending and redirection of the US economy ended the Depression?

FDR US Unemployment 1933: 24.9, 1934: 21.7%, 1935: 20.1%, 1936: 16.9%, 1937: 14.3%, 1938: 19.0%, 1939: 17.2%

New Deal=Great Society=Obamanomics=Epic Fail

 

[Toro]

RAZ: Do you hold President Obama and his economic policies responsible for some of this growing deficit?

Mr. STOCKMAN: Absolutely. The only thing worse than the Republican leadership position is that of the White House.

Amazing that Republicans still try to ram down the same FAILED economic policies down our throats

Cut taxes without cutting spending

Yea...real fiscal responsibility

You going to take up the challenge and show me the year that the Massive New Deal Spending and redirection of the US economy ended the Depression?

FDR US Unemployment 1933: 24.9, 1934: 21.7%, 1935: 20.1%, 1936: 16.9%, 1937: 14.3%, 1938: 19.0%, 1939: 17.2%

New Deal=Great Society=Obamanomics=Epic Fail

Unemployment fell 10% until the government decided to balance the budget and the Fed increased banking reserves, both in 1938. Unemployment then spiked. Guess who today wants to balance the budget today? Guess who wants to limit the actions of the Fed?

For the record, FDR's budget deficits in the mid-30s was 4.5% of GDP. Reagan's were nearly 6% at the highest level. W's deficits were 3.5%.